MARKET
How the pandemic has changed buyers’ priorities Covid-19 has certainly left the world looking like a different place, and nowhere is this starker than in the UK’s property market. But just how has the pandemic changed our priorities when it comes to buying a first home? Ginetta Vedrickas assesses the situation CHANGING WISH LISTS POST PANDEMIC Research from consumer credit reporting company Experian showed that the UK’s property aspirations, especially the younger generation, have shifted dramatically as we emerge from the pandemic. Data revealed that 60% of those in their 30s, and over half, 51%, of those in their 20s, think that the past year of rolling lockdowns has changed their view of where they’d most like to live. Unsurprisingly, after many of us spent much of the year cooped up at home, open space is a major priority for many, with 46% of those surveyed expressing that owning a city centre flat is now an outdated ideal, with 69% preferring to buy a more spacious home in suburbia or a more rural area.
WHAT DO BUYERS WANT FROM A NEW HOME? The Experian study showed that the experience of living through the restrictions of the pandemic had made the majority of people re-evaluate where they would most like to live. Dreams of a rural location were highest among people in their 30s at 74%, with 58% of this age group suggesting location was more important than the property itself. As for the top 10 “must haves” that buyers now want from a home, a
114
garden topped the wish list at 74% reflecting the growing demand for more outdoor space following the lockdowns. Number two on the list at 58% was access to private parking or a driveway, closely followed by a third spare bedroom at 55%. Although many people report that they want to continue working from home following the lockdowns, 61% of people in their 20s said that living close to their place of work was still important.
EXPERT COMMENT Pandemic-fuelled city outmigration shows no signs of slowing. Despite lockdowns easing and offices and restaurants reopening, Londoners have continued to re-evaluate where they want to live, with many bringing future-planned moves forward. The mix of those buying beyond the capital though has changed, with first-time buyers more likely to leave
THE PANDEMIC HAS MADE PEOPLE KEENER TO BUY THEIR OWN HOMES
London than ever before. While
Perhaps the pandemic has also brought into focus what people now want from life, with buying a home a major priority. The research found that nearly two fifths, 38%, of Brits said that they were now considering buying a new home within the next five years, rising to 66% of people in their 30s and 67% of those in their 20s. Experian also found that the younger generation was among the most active in purchasing properties while the Stamp Duty holiday was in effect. Those in their 30s accounted for 34% of total mortgage applications made during this time, followed by those in their 40s, 27%, and those in their 20s, 17%. The pandemic undoubtedly caused uncertainty as many people lost their jobs
Londoners looking outside the M25
second home buyers and investors have been spurred on by the stamp duty holiday, much of the uplift in over the last year has come from those buying their first home. This has been largely driven by affordability and flexible working patterns that have enabled people to work from home. The capital’s loss has been the Home Counties gain.
Aneisha Beveridge, Head of Research, Hamptons
First Time Buyer October/November 2021
FTB 114-115 Market October-November21.indd 114
13/09/2021 17:57
